India: Ferro silicon prices inch down w-o-w in recent trades

• Two plants shut down in Meghalaya
• China’s prices remain stable w-o-w

Indian ferro silicon (70%) prices fell slightly by INR 800/tonne (t) ($9/t) as compared to the previous assessment on 5 May. Trades, including bulk deals, were concluded at lower values in this assessment window, which led to a drop in prices w-o-w.

As per BigMint’s assessment on 12 May, ferro silicon prices in India were at INR 94,700/t ($1,115/t) exw-Guwahati. In Bhutan, prices edged down by INR 200/t ($2/t) w-o-w to INR 95,300/t ($1,123/t) exw. Deals for approximately 4,000 t were finalised in both regions within the price bracket of INR 93,000-95,500/t ($1,095-1,124/t) exw.

Market highlights (6-12 May 2025)

Trades shape market trends: Last week, most trades in northeast India were concluded at lower levels, which caused a price drop w-o-w. Deals for 3,500 t were finalised within INR 93,000-95,000/t ($1,095-1,118/t) exw.

For exports, prices were unchanged w-o-w at $1,170/t FOB Kolkata. A market participant informed BigMint, “There is very poor demand for the 70% grade in the seaborne market. However, demand for the 75% grade is strong.”

Two plants closed in Meghalaya: Two plants in Meghalaya have been closed, as per sources. The Meghalaya State Pollution Control Board (MSPCB) issued a closure notice to one plant due to pollution control violations. Additionally, due to escalating power tariffs, another producer found it financially impractical to continue operations. Hence, their plant was closed.

Market trends in South India: Most sellers in south India quoted offers within INR 96,500-97,500/t ($1,136-1,147/t) exw. Regular deals were also observed in that price range.

Chinese prices remain firm w-o-w: Ferro silicon (Si:75%) prices in China remained unchanged w-o-w at RMB 6,240/t ($866/t) exw-Inner Mongolia amid slow demand. The market continued to hold expectations for an eventual rebound in demand, underpinned by a favourable domestic macroeconomic outlook.

Industry sources indicated that producers were operating with narrow margins, leaving limited flexibility for further price reductions. Some buyers remained on the sidelines, anticipating better offers, which continued to dampen spot market activity.

On the Zhengzhou Commodity Exchange (ZCE), prices went up by RMB 238/t ($33/t) w-o-w to RMB 5,636/t ($782/t) on 12 May.

Outlook

Prices are expected to stay within the current range in the days ahead, with slight fluctuations.